Note 10 - Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Equity [Text Block]

10. Stockholders’ Equity

Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands):

	Three Months				Six Months
	Ended				Ended
	June 30,		June 30,		June 30,		June 30,
	2023		2022		2023		2022
Weighted average shares outstanding for basic calculation		2,868		2,847		2,868		2,843
Add: Effect of dilutive stock awards		-		-		-		-
Weighted average shares outstanding, adjusted for diluted calculation		2,868		2,847		2,868		2,843

For the three and six month periods ended June 30, 2023 and 2022, there were no stock options or restricted stock awards outstanding. 

On August 5, 2022, the Company’s board of directors (the “Board”) authorized the repurchase of up to $1.5 million of shares of the Company’s common stock. The authorization does not obligate the Company to acquire a specific number of shares during any period and does not have an expiration date, but it may be modified, suspended, or discontinued at any time at the discretion of the Board. Repurchases may be made from time to time in the open market, or through privately negotiated transactions or otherwise, in compliance with applicable laws, rules and regulations, and subject to the Company’s cash requirements for other purposes, and other factors it deems relevant.

During the six months ended June 30, 2023, the Company repurchased 4,435 shares of common stock, at a weighted average price per share of $7.14. The total cost of shares repurchased, inclusive of fees and commissions, during the six month period ended June 30, 2023 was $31,762, or $7.16 per share.

During the three months ended June 30, 2023, the Company repurchased 4,265 shares of common stock, at a weighted average price per share of $7.14. The total cost of shares repurchased, inclusive of fees and commissions, during the three month period ended June 30, 2023 was $30,451, or $7.14 per share.

A reconciliation of the activity in Stockholders’ Equity accounts for the three and six months ended June 30, 2023, is as follows (in thousands):

	Common		Capital in Excess of		Retained			Noncontrolling
	Stock		Par Value		Earnings			Interest
Balance at January 1, 2023	$	54	$	30,491	$	2,777		$	104
Shares repurchased		-		-		(1	)		-
Net loss		-		-		(799	)		(39	)
Balance at March 31, 2023	$	54	$	30,491	$	1,977		$	65
Shares repurchased		-				(32	)		-
Net income (loss)		-		-		80			(8	)
Balance at June 30, 2023	$	54	$	30,491	$	2,025		$	57

A reconciliation of the activity in Stockholders’ Equity accounts for the three and six months ended June 30, 2022, is as follows (in thousands):

	Common		Capital in Excess of		Retained			Noncontrolling
	Stock		Par Value		Deficit			Interest
Balance at January 1, 2022	$	54	$	30,450	$	(942	)	$	-
Stock-based compensation expense		-		21		-			-
Net loss		-		-		(577	)		-
Balance at March 31, 2022	$	54	$	30,471	$	(1,519	)	$	-
Stock-based compensation expense		-		20		-			-
Net loss		-		-		(363	)		-
Balance at June 30, 2022	$	54	$	30,491		(1,882	)	$	-